Today, I’ve prepared a shorter article about another important indicator that every serious trader should know about, the indicator Alarm4U. It is made particularly for price action traders, because it’s only purpose is to alert us, whenever a price reaches a certain level, for example trend lines that we can set up by ourselves, Fibonacci lines or any other lines.
What Does It Do?
- Alerts when a horizontal line, pre-set by the user, is reached
- Alerts when a trend line, pre-set by the user, is reached
- Alerts when a Fibonacci line, pre-set by the user, is reached
- Can send an email alert
- Can show a pop-up window alert
How To Set It Up?
- Download the indicator here for free
- Extract the archive and place into an appropriate form (manual here)
- Run the MT4 and in the Menu on the top select Insert – > Indicators -> Costum -> Alarm4U
- A set up window will pop up, where you set up everything necessary (I’ll tell you in a moment how) and click OK
- Draw in Fibonacci lines, trend lines or anything that you’d like to use the alarm on.
Explanation on how to set up indicators
What do all these lines mean? Let’s have a look
- AddAlarm: Will the alarm go off? True = Yes, False=No
- AlarmDist: Number of pips when the alarm will be triggered. If it’s set to 10, it’s enough for the price to come as close to the line as 10 pips and the alarm will be triggered.
- AlarmHLine: Will the alarm go off for the horizontal lines?
- AlarmTLine: Will the alarm go off for the trend lines?
- AlarmRect: Will the alarm go off if the price touches a drawn rectangle?
- AlarmFib: Will the alarm go off for the Fibonacci lines?
- AlarmFibExp: I don’t know what this means 🙁
- DisplaySettings: Settings will be displayed
- CommentAlarm: Alarm comments
- EmailAlarm: Will we receive an email alert?
- PopupAlarm: Will we receive a pop up window alert?